“Companies in the sector began an investment plan last year that will continue in 2017, aimed at making general logistics and grains processing more efficient. This is in line with forecasts of increased farm production,” the statement said.

Argentina is the world’s top exporter of soymeal livestock feed, its third biggest supplier of raw soybeans and a major source of wheat and corn for the international market.

In October, the government said companies that ship grains from Argentina including Glencore, Cargill and Bunge, would invest some $1.2 billion over three years to improve infrastructure in the main port network of Rosario.

Farmers have increased wheat and corn planting thanks to export tax cuts implemented by President Mauricio Macri, who was elected in 2015 on an open markets platform. He has promised incremental cuts in soybean export taxes as well, which is expected to spur more planting of that crop as well. (Reporting by Buenos Aires Newsroom; Editing by James Dalgleish)